10 August 2018 (8:59 AM IST)
Recently, Indian stock markets have been exhibiting a strange pattern. SGX Nifty will move higher (or sometimes lower) with U.S. stock markets. Then Indian stock markets will open with mostly a gap up and then turn slow paced and extremely tightly rangebound.
Today, SGX Nifty is almost flat so let’s see how Indian stock indexes trade in this session. Will they create their own intraday trend? Or, will we witness another rangebound trading pattern through the day?
That we will come to know by the closing levels of this session. Right now, global cues are subdued and it seems like another sideways trading day for Indian stock markets.
Yesterday, major Indian indexes had faced resistance after initial high trading. Especially Nifty. Today, Nifty’s pivot will be at 11,473. It has intraday resistance near 11,533 – 11,514 – 11,492 and intraday support near 11,451 – 11,432 – 11,410 marks.
Pivot levels of major stock indexes are available on our Pivot Trading page. Individual levels are:
- Intraday Bank Nifty Pivot levels
- Intraday Nifty Pivot levels
- Intraday Nifty IT Pivot levels
- Intraday Sensex Pivot levels
Wait and watch how price moves near these levels, then trade with the short term trend. Long term trend in still positive.